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In a recent announcement, it has been revealed that a new $420.69 million fundraise has been recorded shortly after FTX raised over $900 million in a Series B round. It has been revealed that the latest funding round will be assisting the firm in acquiring companies and navigating uncertain regulatory activities.
FTX Raises Funds of $420.69 Million to Acquire Companies
FTX crypto exchange made an announcement on Thursday that the market valuation of the company stands at $25 billion with the latest addition of $420.69 million. This has come just a few months after the firm revealed that it has raised over $900 million in a Series B round that valued the company at $18 billion.
It has been noticed that the investors in the crypto space are pouring money into private companies, speeding up valuations beyond unicorn status for companies such as TradingView, FalconX, and OpenSea.
As per the announcement, the new funding round of FTX involved the participation of 69 investors including Ribbit Capital, Tiger Global, and BlackRock-managed funds.
The CEO of FTX, Sam Bankman-Fried, said that the new investors have taken a decision to join its cap table due to its recent surge. He said:
"Market share is up substantially since the start of the first fundraiser."
Sam Bankman-Fried on the Recent Fund Raise
The billionaire native of California said that the recent fundraising will be helping with company acquisitions and will be contributing to the expansion of the firm. He added to his statement and said:
"I would probably guess there will be another three or so. Maybe two small ones ... three moderate to big ones."
Though the company is showing rapid growth, it should be laid an emphasis on the fact that the regulations will be acting as an obstacle in the path of further growth and operations.